Property Forum
An excellent graph of the condo prices in this complex was sent to me by SLOrenter:
6 comments on “1181 Laurel Ln, San Luis Obispo, CA 93401”
Add a comment about "1181 Laurel Ln, San Luis Obispo, CA 93401"
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Joined: 20 Sep 2007
Posts: 1
Comments: 973
Amazing how many bought near-peak for aging condos so far from downtown! Here there is downside risk for the whole complex if the over-leveraged cannot pay their HOA.
Joined: 20 Nov 2007
Posts: 8
Comments: 186
Sunnyvale, CA
Wow, look at 85-93. It went from $50K to 100K and back to $50K in 94. Almost 0% in 10 years. For the current cycle though , it looks like its still hovering around 2003.
Joined: 3 Apr 2005
Posts: 726
Comments: 1296
Menlo Park, CA
“Hovering” is a generous way to put it. Looks like rapid falling to me!
Joined: 1 Oct 2009
Posts: 0
Comments: 1
Brooklyn, NY
Interesting. But where “should” prices be today? Let’s see:
Assuming a price of $50k in 1985 and an annual inflation rate of 3.3%, the price for such a condo should be around $110k today. But that also assumes that a) condo condition is similar b) economy (e.g. unemployment rate) is similar c) mortgage interest rate is similar in 1985 and 2009. I would guess that all 3 elements more or less balance each other out (condition and economy have deteriorated / interest rate is better today).
That means that those condos are still about 80% overpriced at $200k today! It was priced about right only between ‘95 and ‘99. Prices need to go down another 45% from where they are today.
Joined: 20 Sep 2009
Posts: 1
Comments: 11
Yeah and I betcha the condo fees were actually affordable before. Condo fees have exploded upwards in many major cities over the past few years. Especially with insurance costs going up drastically plus utility bills.
Joined: 23 Sep 2009
Posts: 30
Comments: 762
We tried on a condo 4 weeks ago and the bastards wanted $350/mo in fees so we backed out…not to mention the listing agent played the multiple offer method to get the selling price up from 175K to 265K.
Some idiot just got the feeling he made out for the next 30 years when actually the cost of these places should have been around 150K….all i wanted to do was rent the place for a $300/mo profit.
Now he is stuck like a dumbass, because he will never rent it out at $2000/mo. The area rents for $1500/mo